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Eloro Resources Announces Bought Deal LIFE Private Placement for Gross Proceeds of C$5.0 Million

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TORONTO, Aug. 22, 2025 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX:ELO, OTCQX:ELRRF, FSE: P2QM)) ("Eloro" or the "Company") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. ("Red Cloud"), as sole underwriter and bookrunner, pursuant to which Red Cloud has agreed to purchase for resale 4,348,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price") on a "bought deal" basis in a private placement for gross proceeds of C$5,000,200 (the "Underwritten Offering").

Each Unit will consist of one common share of the Company (each, a "Unit Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 870,000 Units at the Offering Price for additional gross proceeds of up to approximately C$1,000,500 (the "Over-Allotment Option"). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the "Offering".

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital.

Subject to compliance with applicable regulatory requirements and ...